Finance

2nd International Meeting on Terrorism Risk Insurance

TERRORISM RISK AND INSURANCE MARKETS IN 2012

5 December 2012, Paris, France

‌‌

How is the terrorism threat evolving today? Are organisations anticipating this risk? Do current insurance solutions adequately answer the needs of market players in an ever changing risk context? What is the future of temporary national programs?

The second international meeting on terrorism risk insurance co-organised by the OECD and the ARPC (Australian Reinsurance Pool Corporation) looked at these questions, reviewed the current status of terrorism risk insurance programmes and markets in different countries, and provided a forum for policy dialogue on current and emerging challenges between the heads of terrorism insurance programs worldwide and renowned experts from the public sector, industry (insurers, reinsurers, brokers, risk modelling firms, risk managers) and leading research institutions.

Following the events of September 2001, the OECD developed a large portfolio of activities on the financial management of terrorism risk. The first international first international conference on terrorism risk insurance was organised in 2010. Today, two thirds of the 34 OECD countries rely on the insurance market to manage terrorism risk (as do nearly all non-OECD countries). A third of OECD countries have established a national programme of terrorism insurance to financially cover the risk of terrorism. Some of these schemes are very recent, such as the Danish terrorism insurance scheme. Some are up for renewal and will thus be assessed. Meanwhile, recent geopolitical events impact the terrorism threat at local and global level. It is time for a new review.

The evolving global terrorism threat: a view from Spain and across the Mediterranean

Fernando Reinares, Senior Analyst on International Terrorism at Elcano Royal Institute and Professor of Political Science at King Juan Carlos University, Spain (presentation)

The terrorism threat in 2012: global perspective

Bruce Hoffman, Director of the Center for Security Studies, Director of the Security Studies Program and Professor at Georgetown University’s Edmund A. Walsh School of Foreign Service, USA (presentation)